This document provides information about U.S. FBAR (Foreign Bank and Financial Account Reporting) obligations. It summarizes that United States persons must file an FBAR if they have a financial interest in or signature authority over a foreign financial account that exceeds $10,000 at any point during the year. It defines United States persons as U.S. citizens, residents, and entities. The document then analyzes the basic FBAR requirements including what constitutes a financial interest, signature authority, and foreign financial account. It also discusses exceptions, filing deadlines, penalties, and provides contact information for Eurofast which can assist with FBAR filings.

1. 1
U.S. FBAR
(FOREIGN BANK AND FINANCIAL ACCOUNT REPORTING)
WEBINAR
June 18, 2015

2. • What is the obligation?
• Relevant Legislation
• Enforcement Authority
• Form 114 and 114 (a)
• Filing system
GENERAL ON FBAR FILING
OBLIGATION

3. “United States Persons” must file if,
1. They have “financial interest” in or “signature authority” over an
account
2. That account is a “foreign financial account(s)”, maintained outside the
U.S.
3. The aggregate value of the account(s) exceeds $10,000 at any time
during the calendar year
WHO MUST FILE THE FBAR ?
BASIC REQUIREMENTS

4. Who is considered as a United States Person?
• U.S. citizens
• U.S. residents
• U.S. entities
ANALYSIS OF FBAR BASIC REQUIREMENTS
United States Persons

5. Financial interest in a foreign financial account
• US person is the owner of record or holder of legal title directly,
• Someone else holds title for the benefit of the US Person; or
• US person is the owner of record or holder of legal title indirectly
ANALYSIS OF FBAR BASIC REQUIREMENTS
Financial Interest

6. Signatory authority :
The authority of an individual (alone or in conjunction with another
individual) to control the disposition of assets held in a foreign financial
account by direct communication (whether in writing or otherwise) to the
bank or other financial institution that maintains the financial account
ANALYSIS OF FBAR BASIC REQUIREMENTS
Signatory Authority

7. Foreign Financial account
• foreign means “Located outside of the United States”
• Which financial accounts are included?
What is the aggregate value and what happens if you exceed it?
ANALYSIS OF FBAR BASIC REQUIREMENTS
Foreign Financial Account

8. EXCEPTED ACCOUNTS
• U.S. Military banking facility
• Accounts of U.S. governmental entities
• International financial institutions
• Correspondent or nostro accounts
• Consolidated FBAR filing
• Individual Retirement Account
• Participants in or Beneficiaries of a Tax – Qualified Retirement plan

9. WHEN AND WHERE ?
• Deadlines
• How to file?
• Penalties for non compliance (willful and non-willful)

10. EUROFAST PROFILE
Eurofast is a regional business advisory organization employing over 200
people in South East Europe & East Mediterranean.
 Operating since 1987
 Fully fledged offices
 Every Eurofast local office ranges from 15-60 professionals
 Teams of diverse backgrounds and experience including tax, legal, M&A,
payroll, accounting and consulting.

11. What we are
good at…
Our services
• Corporate Services
• Transfer Pricing
• International Tax
• Tax Planning & Tax Compliance
• Real Estate Tax
• Shipping Tax
• Energy Tax
• Intellectual Property
• IT Specialized Services
• Mergers & Acquisitions and Transactional
Advisory
• Business Restructuring & Insolvency
• Market Entry Services
• Banking and Financial Services
• Outsourced Payroll and Employment Solutions
• Citizenship & Residency Services
• HR Administration
• Accounting Services
Bringing value to clients
with our service

12. Where can you find usSingle point of Contact,
Many Points of View
 Athens
 Thessaloniki
 Sofia
 Bucharest
 Belgrade
 Tirana
 Skopje
 Pristina
 Banja Luka/
Sarajevo
 Zagreb
 Cairo/ Alexandria
 Podgorica
 Kiev
 Moscow
 Tbilisi
 Lefkosia
 Beirut
 Erbil

13. Regional Competitive
Advantage
• Extensive experience in our
markets
• Multi-disciplinary coverage and
services
• Extensive database of contacts
• In depth knowledge of region’s
markets
• In depth cross border know-how

14. What others
think about us
What others think about us
International Tax Review: The only authoritative and genuine awards in taxation worldwide!

15. Eurofast is at your disposal to support you with the filing of the FBAR FORM
For more information please contact us
Cyprus
Andri Christodoulou
Email: andri.christodoulou@eurofast.eu
Telephone: +357 22 699 222
Greece
Maria Sarantopoulou
Email: maria.sarantopoulou@eurofast.eu
Telephone:+30 210 8257722

16. THANK YOU FOR ATTENDING OUR
US FBAR WEBINAR